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June FOMC Instant Answers

US TSYS

Equities Weakening Ahead FOMC

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  • RES 4: 134-06+ High Feb 25
  • RES 3: 133-23 High Mar 2
  • RES 2: 133-00+ High Mar 11
  • RES 1: 132-24/24+ High May 5 / Apr 22 high and the bull trigger
  • PRICE: 132-18+ @ 10:58 BST May 7
  • SUP 1: 131-18+ Low Apr 29
  • SUP 2: 131-12 Low Apr 13 and key near-term support
  • SUP 3: 131-03+ Low Apr 6
  • SUP 4: 130-25+ Low Apr 5 and the bear trigger

US 10y futures are trading close to key S/T resistance at 132-24+, Apr 22 high and this is just above the 50-day EMA. The inability recently to clear the EMA has highlighted a bearish threat. A pullback would signal scope for a test of 131-12, Apr 13 low where a break would expose key support and the trend low of 130-25+, Apr 5 low. For bulls, a clear breach of 132-24+ would reinstate a bullish theme and open the 133-00 handle.